BROKERAGE & RECEIVERSHIP SALES: Unparalleled Expertise
Throughout the course of real estate problem resolution, there are several types of asset sales that take place through the judicial process. DWC’s vast expertise in real estate brokerage as well as receivership sales positions the company to provide any number of services, resulting in the best possible outcome for all parties.
While bankruptcy and foreclosure are common court processes that can lead to the sale of distressed real estate, DWC has also developed expertise unique in the industry that offers an alternative: receivership sales. These sales, while less common, often carry significant benefits to the parties involved and can be the most effective way to maintain value following real estate disputes.
Brokerage and Receivership Sales
A sale through bankruptcy can often be a cumbersome and suboptimal mechanism for all parties involved. It can be an expensive and laborious process and requires many protocols, including an orderly and comprehensive marketing program, due diligence, stalking horse bidding process, overbid process and widespread advertising of the sale. That being said, DWC has performed many sales in bankruptcy and is experienced in the bankruptcy sales process – when it is a necessary and unavoidable step toward resolution. Foreclosure, too, has its own downsides. Becoming owner of a property puts the lender in the chain of title and in harm’s way for potentially significant liability.
A real estate sale through receivership, however, provides several key advantages:
- The lender never has to foreclose, thus avoiding entering the chain of title on the property
- Liability can be reduced
- The process can net more value due to a swift sale and the participation of a receiver to maintain and market the property
Royal Gorge receivership sale: One such instance is DWC’s receivership sale of Royal Gorge Cross Country Ski Resort in Soda Springs, Calif. At 5,000 acres, it is among the largest cross country ski resorts in the country, including a ski lodge and separate 31-room guest bed and breakfast, Rainbow Lodge.
The property included a number of buildings and operations including the ski management facility and retail and food service operations. DWC was appointed agent for Receiver and utilized its contacts and expertise to manage the site operations, maintain licenses and resolve complex property issues. Through its brokerage division, DWC was able to sell the lodge and ski property independently, and the receiver was discharged.
Super Shops portfolio sale: In a separate assignment, DWC was tasked with marketing and selling a 92-property portfolio including 88 Super Shops Automotive Performance Centers across 27 states. The portfolio included 600,000 square feet of service facilities, warehouse and distribution space and a corporate headquarters in Reno, Nevada.
DWC’s expertise allowed the company to provide listing and consulting services that resulted in the sale of all of the portfolio’s properties, returning more than $60 million in capital through a nationwide disposition plan spanning more than 50 separate escrows.
“Through many years of experience and work on complex real estate assignments, DWC sees the ins and outs of debt remedy and we provide unique perspective,” says Douglas Wilson, DWC Chairman and CEO. “By offering both real estate brokerage and receivership services, we are positioned to offer multi-faceted expertise resulting in resolution for even the most complex real estate scenarios.”